Shriram Finance Secures Record $1.28 Billion Loan

• The Indian stock market remained under pressure for the third consecutive session on December 18. Both the Sensex and Nifty 50 fell by 0.80% during intraday trade, with the BSE Midcap and Smallcap indices also declining by 1%.

• Persistent inflation and concerns over slowing growth kept markets on edge, particularly following the US Federal Reserve's policy decision on Tuesday. The rupee hit a record low of 84.95 against the dollar, further dampening domestic market sentiment.

• Analysts anticipate continued weakness in the rupee, potentially breaching the 85-per-dollar level due to a stronger dollar.

Akzo Nobel +7.96

• Shares surged over 7% amid discussions of a $2-2.5 billion deal for the Dulux Paints maker. According to a Livemint report, Pidilite Industries, JSW Paints, and Indigo Paints are competing for the acquisition.

• Sources cited in the report revealed that Indigo and JSW Paints are in talks with private equity investors for the stake purchase, while Pidilite Industries is proposing a share swap deal.

VA Tech Wabag (11.36%)

• Shares plunged up to 14% after the company announced the cancellation of its $317 million (₹2,700 crore) tender for Saudi Arabia’s 300 MLD mega seawater desalination plant due to internal administrative procedures.

• The company had secured the order from the Saudi Water Authority on September 6.

• Year-ender 2024: Here are the top 10 equity mutual funds of the year. (ET)

• Here is how RBI navigated its policy in 2024. (ET)

• SEBI bans FPIs from issuing P-notes with derivatives as the underlying asset. (MC)

• Country Delight has ventured into the quick commerce space. (EN)

• Zaggle launches a ₹950 crore ($111Mn) QIP. (MC)

• DAM Capital Advisors raises over ₹251 crore ($296Mn) through anchor book. (MC)

• Transrail Lighting raises ₹246 crore ($29Mn) from multiple anchor investors. (MC)

• Sanathan Textiles raises ₹165 crore ($19.4Mn) through anchor book. (MC)

• Concord Enviro Systems raises ₹150 crore ($17.7Mn) via anchor book. (MC)

• Mamata Machinery raises ₹53.56 crore ($6.3Mn) through anchor book. (MC)

• Vishal Mega Mart shares close nearly 45% higher on debut trade. (MC)

• Sai Life Sciences shares list 18% higher than IPO price on NSE. (MC)

• MobiKwik shares jump 90% on IPO debut. (MC)

• NBFC Laxmi India Finance files draft papers to raise funds through an IPO. (MC)

This week’s mainboard IPO schedule

• Inventurus Knowledge Solutions

  • Offering Period: 12 December - 16 December, 2024

  • Listing Date: 19 December, 2024

  • Issue Price: 1265-1329

  • Lot Size: 11

• International Gemmological Institute

  • Offering Period: 13 December - 17 December, 2024

  • Listing Date: 19 December, 2024

  • Issue Price: 397-417

  • Lot Size: 35

• DAM Capital Advisors

  • Offering Period: 19 December - 23 December, 2024

  • Listing Date: 27 December, 2024

  • Issue Price: 269-283

  • Lot Size: 53

• Concord Enviro Systems

  • Offering Period: 19 December - 23 December, 2024

  • Listing Date: 27 December, 2024

  • Issue Price: 665-701

  • Lot Size: 21

• Transrail Lighting

  • Offering Period: 19 December - 23 December, 2024

  • Listing Date: 27 December, 2024

  • Issue Price: 410-432

  • Lot Size: 34

• Sanathan Textiles

  • Offering Period: 19 December - 23 December, 2024

  • Listing Date: 27 December, 2024

  • Issue Price: 305-321

  • Lot Size: 46

• Mamata Machinery

  • Offering Period: 19 December - 23 December, 2024

  • Listing Date: 27 December, 2024

  • Issue Price: 240-243

  • Lot Size: 61

• Ventive Hospitality

  • Offering Period: 19 December - 23 December, 2024

  • Listing Date: 28 December, 2024

  • Issue Price: 610-643

  • Lot Size: 23

M&A / Investments

• Welspun One plans to raise ₹4,000 crore ($471Mn) to double its portfolio size. (BS)

• GIC acquires a majority stake in hospital platform Asia Healthcare Holdings for ₹1,273 crore ($150 million). (ET)

• Quadria Capital to acquire a minority stake in drug company Aragen for ₹850 crore ($100Mn). (ET)

• Amazon exits Shoppers Stop, selling its 4% stake for ₹276 crore. ($32.5Mn) (ET)

• Godrej invests ₹20 crore ($2.3Mn) in Zunroof. (EN)

Debt

• Indian shadow bank Shriram Finance secures a record $1.28 billion loan. (ET)

• Punjab & Sind Bank raises ₹3,000 crore ($353Mn) through maiden infrastructure bonds. (BS)

• Piramal Capital & Housing Finance to auction ₹550 crore ($64.7Mn) of NPLs. (BS)

VC